Top Tips to achieve accelerated business growth.

Top Tips to achieve accelerated business growth.

No doubt, businesses have numerous goals, and one of the top 3 should be growth. However, this does not happen overnight. It really takes time, to build momentum, and then,… There is no special ingredient for an instant result. But, there are different ways that can make reaching growth milestones possible and easier to reach. Here is a list of few key must haves.

Hire personality types, passion, skills then only experience

Some personalities are born for certain tasks, you should focus on your strengs and genius areas, and hire your weaknesses. However, my key takeaway, hire suited personalities first, and experience last.  Aside from possessing personal and professional competencies, they should have a burning desire or dedication to boost efficiency in your business and take ownership of their roles..

Spend time developing and managing your recruitment process, this is ultimately the culture you are bringing into your business. Examine its process to unveil its weaknesses and strengths. This will help you focus on the areas to improve and come up with a better hiring decisions.

Focus on loyal revenue sources

Most businesses try to acquire new clients to boost revenues, however, is it not true that this strategy is at least 7 times more expensive to up- or cross-sell your existing client base. Increasing your market does not necessarily matter when you do not have a strong or stable client base with increasing revenue streams. Valuing the people who have been taking advantage of your services is a better thing to do.

In the food industry the number is 4, if you can get someone’s bum on your seat the fourth time, you have a 80% likelihood of them returning, now will that not be easier and much more profitable to aim for retention rather than new acquisition?

Eliminate your risks

Starting or even growing a business is associated with an element risk. As an entrepreneur or business owner, always try to limit any internal or external threats to your startup or company. Even though it is impossible to control all the risk factor in all business processes, you have to minimize or eliminate risk.

Legals (paperwork), insurance and tax is a quick few that’s top-of-mind. When focusing on risk, you are bound to have a peeved client or two, being insured and with the right paperwork, you will save a ton of stress and money. Nevertheless, find the best company ahead of time before it is too late.

Be flexible and adaptable

Most successful business owners are known for being flexible to adjust to all the changes in the industry and the ever changing consumer market. Whether it is a price increase of supplies or lack of workforce, they can deal with almost any situation. You should be able to create an effective strategy that will put an end to a problem and in no time.

For you to surpass any dilemma, you have to be adaptable. I always encourage businesses and startups I coach to always be reading. Read about your industry in different countries and regions. What are they doing, what problems are they facing and how do they manage them. Always be reading.

I hope this have spread some seeds for thoughts. Just know hyper growth is always possible, but you have to avoid group-think, and be a bit strategic and act with some intention to achieve and succeed. Indeed, business success requires hard work. It is daunting at best, find a way to control and manage it.